Diamond S Shipping Group Announces Launch of Initial Public Offering

GREENWICH, Conn.--()--Diamond S Shipping Group, Inc. (“Diamond S Shipping Group” or the “Company”) today announced the launch of its underwritten initial public offering of 14,000,000 common shares pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”). The initial public offering price is expected to be between $14 and $16 per share. Diamond S Shipping Group will list its common shares on the New York Stock Exchange under the ticker symbol “DSG.” The Company will grant the underwriters a 30-day option to purchase up to an additional 2,100,000 shares at the initial public offering price.

Diamond S Shipping Group intends to use the net proceeds from the offering to fund a portion of the purchase price for ten newbuild product tankers being built by a Korean shipyard, with any remaining proceeds being used for other acquisition expenses and general corporate purposes.

Jefferies LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering. DNB Markets, HSBC and SEB are acting as senior co-managers and Global Hunter Securities, Fearnley Securities and Stifel as co-managers.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The common shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities is being made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. When available, a copy of the preliminary prospectus may be obtained from:

Jefferies LLC

520 Madison Avenue, 12th Floor, New York, NY 10022, Attention: Equity Syndicate Prospectus Department or by emailing Prospectus_Department@Jefferies.com or by calling (877) 547-6340

 
BofA Merrill Lynch

222 Broadway, New York, NY 10038, Attention: Prospectus Department or by emailing dg.prospectus_requests@baml.com

 

You may also get a copy of the preliminary prospectus for free by visiting the SEC’s website at http://www.sec.gov.

Forward-Looking Statements

This press release may include forward-looking statements. These forward-looking statements involve risks and uncertainties. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Diamond S Shipping Group’s preliminary prospectus and SEC filings. Diamond S Shipping Group undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

About Diamond S Shipping Group

Diamond S Shipping Group is one of the largest owners and operators of medium range, or MR, product tankers in the world. We provide seaborne transportation of refined petroleum and other products in the international shipping markets. Our existing fleet consists of 33 MR product tankers built at leading Korean and Japanese shipyards.

Contacts

Investor Contacts:
Diamond S Shipping Group, Inc.
Florence Ioannou
Chief Financial Officer
203-413-2000
or
ICR, Inc.
Michael Callahan
Senior Vice President
203-682-8311
Michael.Callahan@icrinc.com

Release Summary

Diamond S Shipping Group Announces Launch of Initial Public Offering

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Contacts

Investor Contacts:
Diamond S Shipping Group, Inc.
Florence Ioannou
Chief Financial Officer
203-413-2000
or
ICR, Inc.
Michael Callahan
Senior Vice President
203-682-8311
Michael.Callahan@icrinc.com